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It said the distinctive spherical venue would feature the largest and highest resolution media display on Earth and a programmable exterior, capable of broadcasting images and advertising to passers by.

The company, which owns Stateside venues including New York’s Madison Square Garden and Radio City Music Hall, said it chose Stratford as it was already one of the best-connected parts of London with Crossrail due to open by 2019.

The Sphere would take three years to build and could support approximately 3,400 jobs. Credit: The Madison Square Garden Company

It is the location of London’s Cultural And Education District in the Queen Elizabeth Olympic Park, where the planned venue would sit alongside the new V&A, Sadler’s Wells, University Of The Arts London, and UCL.

The Sphere would take three years to build and could support approximately 3,400 jobs in London and 700 in Newham during construction.

MSG said preliminary analysis from EY showed the Sphere could bring £52million a year to the Newham economy and generate £2.7billion of GVA in the UK over the first 20 years.

MSG executive chairman and CEO James L. Dolan said: “London is one of the world’s greatest cities, and we are delighted to be taking this first step towards making it the location for MSG’s first international venue.

“We believe that a large-scale, next-generation venue will not only become a premier destination, but also drive growth in London’s overall music and entertainment market,benefiting artists and fans, and serving as a long-term investment in the future of this incredible city.

“MSG Sphere will provide a home where like-minded communities can come together to not only interact with the performance, but also with each other.”

Designs for MSG Sphere London, are still in their early stages with seating capacity not confirmed but it will be similar to a venue being planned for Las Vegas.

It will have a scalable capacity of more than 18,000 seats, all of which will be in front of the stage, and up to 5,000 standing.

The distinctive spherical venue would feature the largest and highest resolution media display on Earth. Credit: The Madison Square Garden Company

MSG research, carried out by Sound Diplomacy, found London had fewer large arenas relative to its 8.78million population size than other major cities.

New York has seven venues for its 8.5million and Madrid has three for its 3.16million residents.

The company believes the arena would complement London’s existing venues, The O2 (20,000 capacity) and Wembley Arena (12,500 capacity) by expanding booking options, allowing more artists to perform in the city, and generating “significant additional economic benefits” each year.